Global market wrap: markets found some solace - ANZ
|Analysts at ANZ Bank New Zealand Limited explained that US equities pushed higher on the back of strong earnings from the retail giant Walmart.
Key Quotes:
"The DJIA and S&P were up 1.0% and 1.6% respectively at the time of writing. European shares rose 0.5-0.8% with news that China and the US are opening up trade talks again."
"Turkish markets traded sideways. Mnuchin said the US is preparing more sanctions on Turkey if the American pastor Andrew Brunson is not released. The USD zig-zagged, paring back initial losses after US sanctions against Turkey made headlines. US Treasury yields rose 1-2bps. Commodities were biased higher with oil up 0.6%. Gold fell 0.2%."
Markets found some solace
"Markets found some solace after China’s Ministry of Commerce announced it will send Vice Commerce Minister Wang Shouwen to the US to engage in low-level trade talks at the end of August. While a step in the right direction, analysts don’t appear to be holding their breath on this one. Kudlow (Trump’s lead economic advisor) stated “the Chinese government in its totality must not underestimate President Trump’s toughness and willingness to continue this battle to eliminate tariffs and non-tariff barriers and quotas to stop the theft of intellectual property and to stop the forced transfer of technology.” To date, a total of US$34bn in tariffs has been implemented by both sides, with another $16bn ready for implementation on 23 August. The US has threatened another $200bn (around 40% of total US imports from China), with China’s retaliation to that another $60bn (around 45% of total imports from the US)."
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